Air Transport World

TUI AG.(Europe)(Brief Article)

Europe's largest tourism group held its own in 2003, a challenging year for the leisure travel industry, CEO Michael Frenzel reported. The group this summer encompasses 104 aircraft spread among seven affiliated but separately managed airlines.

Consolidated net earnings for the pan-European travel-services conglomerate soared in 2003 to 314.9 million [euro] ($384.2 million) from 41.1 million [euro]. TUI attributed a dip in revenues to its steel-trading business. The company has been restructuring itself into a purely tourism and logistics entity since 2001 after changing its name from Preussag. Included in the Hannover-based TUI Airline Management division's portfolio is fleet management and planning, aircraft acquisition, flight operations and MRO for the consolidated group fleet, but standardization is not the aim. …

Log in to your account to read this article – and millions more.